Local German media reported that the Frankfurt-Hahn Airport (HHN) has filed for insolvency, following declines in passenger traffic and the bankruptcy of its Chinese parent company HNA Group.
After a local court in Bad Kreuznach published the airport’s position, as seen by German publication Wirtschaftswoche, the HHN has been appointed with a restructuring expert to try alleviating the situation.
The airport was the tenth-largest in Germany before the COVID-19 pandemic but was already in a steady decline in the past few years.
Passenger traffic has already been slowing down due to HHN’s inconvenient location, and while the pandemic alone has exacerbated losses, the withdrawal of major airline Ryanair cut off most of the airport’s flights.
The reports also followed the bankruptcy of its major stakeholder — China’s embattled HNA Group, which owns 82.5 of the German airport, has recently revealed that it owed $170 to creditors and is currently being restructured by the government.
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